Forex

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Spain's central government in Madrid on Saturday put forward plans to trigger Article 155 for direct rule in the Catalan region in North Eastern Spain. The independance referendum was  immediately dismissed by MAdrid nearly 3 week's ago.

The New Zealand dollar has tumbled in foreign exchange markets after the fallout from the party with the balance of power, First Party after the recent election decision to side with the opposition Labour/Green coalition. The inexperienced Jacinda Arden is the new Prime of Minister of New Zealand which has caused finacial markets to lurche lower.

Been a busy few weeks for Bitcoin and JPMorgan CEO Jamie Dimon, last month he said Bitcoin was a fraud and it collapsed, the crypto currency fought it's way back. Yesterday at $JPM earnings call he Dimon said he isn't talking about it anymore. $BTC is up $1000 since.

The British Pound Soared Higher as reports in the German press that the EU may other the UK a two year Transition Period for Brexit. This is what P.M. May asked for, and reduces the chances of hard exit.

Much back and forth on a Turkey-US crisis, coming just weeks after the Kurdistan vote. Turkish Deputy PM Simsek speaking in Washington says its all overblown. What grabbed my attention was Turkey's 10% inflation on a Fed minutes day.

Russia's central bank moves to block bitcoin exchange websites.

Catalan President Carles Puigdemont and other regional leaders signed a declaration of independence from Spain.  

The Japanese Yen continues to weaken after completing the 3 wave move under $USDJPY 108 last week, yen weakness has accelerated as the British Pound gets back to Brexit night levels. GBP demand has taken $GBPJPY up to 151.54 after triggering large stops.

The New Zealand dollar has sold off for 3 straight cents since tagging 75.50 in late July with pressure from AUDUSD, dairy exports and now budget projections. Kiwi now rests on a key daily support line.

The latest move from the yen comes as no surprise as we wrote about yen shorts building with $JPY short positions are at their highest since 2014. The herd has been caught again, part of it is the U.S. traders obsession with the dollar index rather than the currency itself.

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